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Turd Ferguson: Fed's minions have gotten out from under their gold shorts
5:35p ET Monday, July 8, 2013
Dear Friend of GATA and Gold:
Market analyst Turd Ferguson of the TF Metals Report today examines the latest reports on futures trader positions in gold and silver and is astounded by the reversal in stance of the big banks allied with the Federal Reserve.
Ferguson writes: "The major, too-big-to-fail, Fed-primary-dealer and bullion banks have now fully gotten themselves out from under what had been an extraordinarily wrong-footed net short position of over 146,000 contracts last autumn. They are now net long nearly 45,000 contracts. (And certainly more than that after last Wednesday and Friday.) That flip of 191,000 contracts took place while price declined by 30 percent from $1,800 to $1,250 and represents a change of position equaling over 595 metric tonnes."
To see the conclusion Ferguson draws, you can find his commentary at the TF Metals Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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